Canadians understand the significance of a financial plan, especially for tackling life’s major milestones, says a BMO Financial Group survey.
The study says 85% of those polled are confident their financial plan will help them achieve their financial goals. Most believe it is essential for being prepared for major milestones.
Read: Investors want plain-talking advisors
“The key to achieving your financial goals tomorrow is creating a plan that starts today,” says Marlena Pospiech, senior manager of enterprise wealth planning, BMO Financial Group. “Whether you are saving for a house, a family or a well-earned retirement, a personalized financial plan will help you achieve your short and long-term goals.”
It shows that 44% of those with a plan review it a few times a year, while more than one-quarter (28%) go over it monthly. Nineteen per cent conduct an annual review.
“It’s critical to review your financial plan on a regular basis – once a year or when a major life event occurs,” adds Pospiech.
Read: tress Testing Your Retirement Plan: “How Big is My Cushion?”
Some tips on how to get started with financial planning:
- What does your future look like? Consider the things you want to achieve and your desired financial situation in 5, 10 or even 20 years. Make a list of these lifestyle goals, objectives and milestones.
- Collect the facts: Assess your current financial situation. Gather information about your assets, liabilities, income, and spending habits.
- Seek expert advice: Consult a financial professional to develop a financial plan based on your unique desired lifestyle goals and objectives.
Also read: